USDX (USD Index)
The bullish pressure in U.S dollar index manages to cross above 97.50 today. Without any bearish reaction then the index might continue upward and turn the medium-term trend into bullish. At the current time, it is still possible for the index to reverse and close below the top of the bearish channel to continue the bearish trend.
Traders better waiting for the reaction at 97.50 to get a clue on the index next direction.
News to watch
08.45 AM Fed Chair Powell Speaks
For full outlook for this week, you can follow Forex Outlook For The Week 8-12 July 2019
Technical Analysis
EUR/USD
EUR/USD move further lower today and getting near 1.1185. It is not far from the level and we might see some bullish reaction soon. At the current time, waiting for the pair to reach 1.1185 is the best options traders could take. The Fed Jerome Powell will give a speech later today which might influence the pair movement.
today critical levels to watch:
Support: 1.1200, 1.1180
Resistance: 1.1280, 1.1300, 1.1360, 1.1500
GBP/USD
No change to the previous day analysis. GBP/USD expected to continue its bearish movement until it reaches the bottom of the channel. Traders could continue to hold the short positions and waiting for a bullish reaction before entering long positions.
Today Critical level to watch:
Support: –
Resistance: 1.2500, 1.2625, 1.2800
USD/JPY
The pair extended its bullish movement and reached the level near 109.00 today. No bearish reaction from the resistance level yet. Traders will wait for the pair reaction near 109.00 to get a clue in the next direction. We favor a bounce from the resistance, but a breakout and close above 109.00 will cancel our bearish outlook.
Today critical levels to watch:
Support: 108.50, 108.00, 107.40, 107.00
Resistance: 109.00
AUD/USD
The rejection from the top of channel bring AUD/USD lower and today we have a breach below previous week low. AUD/USD expected to continue its bearish movement inside the bearish channel. Traders who hold short positions could continue to hold the position until there is a strong bullish reaction.
Today critical levels to watch:
Support: 0.6900
Resistance: 0.7000, 0.7100